Which Way will Gold Go?
This is a mid-morning update.
Following Gold's failure to close yesterday above the previous day's high, and today's failure to hold above the 1267 price level, I closed my Gold position that I had opened last week. While it would be very unusual for price not to at least touch the midpoint on the BB, there is also a very good chance that price will attempt to re-test the bottom of the current range @ the 1250 area. So, instead of waiting it out, I decided to book some profits going in to the weekend and then wait to see the price action next week.
The Natural Gas trade that I discussed the other night is going very well and I will continue to hold my short position through the weekend.
Trade Safe and Protect Your Profits!